Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week.

Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing to work toward the group’s first production curbs since the organization let members produce at will in late 2014, causing prices to plunge. OPEC meets again in Vienna in November.